Steve Mnuchin Says Lockdown Could Last Another 10-12 Weeks
On Sunday, Treasury Secretary Steve Mnuchin stated that the United States lockdown may last another 10 to 12 weeks.
While joining Fox News for an interview, Mnuchin stated that the Trump administration is doing everything in their power to hold up the economy as they are preparing to deal with “a 10-to-12 week scenario.”
“The U.S. economy is strong. We’ve stopped major parts of it, but when we get through this virus, as I’ve said, I think you’re gonna see the U.S. economy come back to the strength, we have great companies, we have great workers,” he said. “What we need to do is have a bridge to get through this. And this isn’t the financial crisis that’s gonna go on for years.”
Check out what the Daily Wire reported:
Nearly one in four Americans, about 80 million people, have been ordered to stay home as New York, California, Illinois, Oregon, Connecticut and New Jersey have enacted statewide lockdowns.
Mnuchin also said on the show that he expects a $1.6 trillion stimulus bill to pass soon, and be signed by President Trump on Monday.
The bill, under which a family of four can expect a direct, one-time payment of about $3,000, Mnuchin said, is intended to tide the U.S. economy over for 10 -12 weeks.
The cost to the U.S. economy, once estimated at $1 trillion, continues to soar in projections. Mnuchin said the bill will also allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the economy. The Secretary said that measure will enable U.S. central bank to help businesses weather the next 90 to 120 days.
“We need to get the money into the economy now. If we do that, we think we can stabilize the economy,” Mnuchin stated.
Mnuchin went on to say that the possibility of a recession is not “terribly relevant” right now.
“When people focus on recessions, it’s normally because of a prolonged economic environment,” Mnuchin said. “This is a very unique situation that we’ve never had before. This is the government has self-imposed shutting down large parts of the economy. And as soon as we can get the medical situation under control, we’re going to reopen it.”
On Friday Mnuchin revealed that the government would be pushing back tax day by 90 days to July 15th.
“At [President Trump’s] direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Mnuchin tweeted.
“If you have refunds or credits, you can still claim now,” President Trump added during the press conference on Friday.
Mnuchin later added: “I encourage all taxpayers who may have tax refunds to file now to get your money.”
On Thursday, Senate Majority Leader Mitch McConnell (R-KY) said that he wanted to aid the American people as soon as possible
“Senate Republicans want to put cash in the hands of the American people,” McConnell said. “This is something we want to do right away. This is not an ordinary policy, but this is not an ordinary time. The American people need help and they need it fast. This will deliver it.”